5 Things To Do When the Price of Gold Plummets
Gold's price per ounce in April 2025 was $3,400; in May, though, it had dropped to $3,238.88 — a devaluation of 6%. While 6% may not be considered precipitous, it is a devaluation that may cause some investors to worry. As a result, CBS News recently outlined what gold investors should do as a result of such drops in value.
Don't Panic
First off, remember that a 6% drop in the gold price is not a crash, and it is certainly not a reason to panic. Historically, a dip such as this actually tends to precipitate a subsequent rise in gold costs. Meaning? Don't make a panicked decision regarding your gold portfolio just yet, especially when its value will likely soon increase.
Remember the Long-Term Value of Gold
While gold may not be the most reliable income producer, CBS News noted it has always been an income protector, used as a hedge against inflation thanks to its reliability during times of economic volatility.
Don't Rush To Sell
The instinct when the price of an investment drops is to sell, sell, sell. With gold, however, this could be a critical error — as noted above, dips in the worth of gold are typically followed with surges in value soon thereafter.
Reevaluate Your Gold Holdings
As with the decline in any of your investments, a drop in the value of gold should be used as an opportunity to reevaluate your portfolio. Seriously consider whether you wish to double down on gold now while other investors sell in a panic.
Conversely, you may wish to safely and rationally expand your portfolio beyond just gold. Either way, never forget to maintain calm, and don't panic.
Consider Purchasing More Gold
As noted above, other investors could panic at gold's drop in value. Now would be the time to take advantage of that panic and buy more gold while it's currently below cost. Their loss could easily become your gain, especially once the price of gold likely surges to record numbers following this most recent dip.
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